EU Energy Policy Blog

In the current context, where public budgets are overstretched due to the economic crisis, there is a pressing need to understand the fiscal implications of climate policies. Decarbonization will impact both sides of a country’s budget via changes in the tax levels and composition of taxes on the one hand, as well as transfer payments and direct investments on the other. Climate policies increasing public revenues could help to reduce state debt, while policies significantly increasing public expenses could be difficult to implement.
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If the EU is to meet its 2050 climate objectives, the future energy mix will have to rely on a significantly increased share of low-carbon (low-C) generation technologies. Substantial additional RD&D activities are required in order to achieve the ambitious target of limiting global warming to a maximum of two degrees Celsius above pre-industrial levels and cut emissions by 80% or more for industrialized countries.
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